Flora-to-Persil firm Unilever today said it had chosen the boss of Nestle’s Americas division as its next chief executive.
Paul Polman’s proposed appointment was warmly received in the City today, with Unilever shares up by more than 6% following the news.
The 52-year-old, who spent 26 years at Procter & Gamble before joining Nestle in 2006, will take over the position held by Patrick Cescau, who is retiring after 35 years with Unilever.
Clive Black, a retail analyst at Shore Capital, said the share price reaction was justified: “Polman is well regarded in the global consumer goods’ world with extensive experience at Procter & Gamble plus the more recent time at Nestle – both top notch groups.”
The appointment of an outsider to replace Mr Cescau came as a surprise given the presence of at least three strong internal candidates.
Mr Cescau is due to stand down at the end of this year.
He joined Unilever in 1973 and was appointed chairman of Unilever plc and deputy chairman of Unilever’s Dutch entity in October 2004. Unilever changed its management structure in April 2005 to one with a single non-executive chairman and a single chief executive.
He has been credited with changing the company’s fortunes through a significant restructuring under the title “One Unilever”. The company employs around 8,000 people in the UK.
Michael Treschow, chairman of Unilever, said: “Patrick has had an outstanding career. We are greatly in his debt for the transformation he has brought about over the last four years. The performance of the business has improved markedly under his leadership.
“Liked and admired in equal measure, Patrick leaves a substantial record on which to build.”
He also described Mr Polman as a “great talent with significant international experience and an excellent track record”.
Mr Cescau recently reported pre-tax profits for Unilever of €3.14bn in the six months to June 30, a 21% hike on a constant currency basis.
Mr Cescau said today: “Four years ago we set out to transform Unilever and to get the business back on track. I believe that phase of work is largely complete, so now is exactly the right time to pass on the baton.
“It has been an extraordinary privilege to lead such a great business. I leave with a real sense of pride in what has been achieved, but also great confidence in the company’s ability to pursue the opportunities that lie ahead.”
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